Automotive 3D Printing Market Analysis Over 2018-2024 By Kay Industry Players: ExOne, voxeljet AG, Autodesk, 3D Systems Corporation, Materialise, Nano Dimension, Protolabs, SLM Solutions NA, Concept Laser , HP Development Company

Automotive 3D Printing Market in software sector will grow at a CAGR of over 25% due to the growing demand for the third-party developers. These third-party developers are developing open-source 3D CAD software compatible with a wide range of printers and technology. Furthermore, they are also collaborating with key 3D printing hardware and OEM manufacturers to eliminate the intricate software solutions that design hardware components based on software components.

The hardware market accounted for over 75% of the 3D printing in automotive market. The hardware market includes 3D printers and materials. The growth of the market is attributed to the falling prices of 3D desktop printers. The price of the desktop printer is declining at an annual rate of 2-3% over the past five years and is estimated to resonate the trend during the forecast period.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2838

The Electron Beam Melting (EBM) technology in automotive 3D printing market is expected to grow at a CAGR of over 28% during the forecast period. The technology utilizes high-power electron laser to melt & fuse metal alloy powders used for the fabrication of automotive components in accordance with the electronic data. The electronic laser managed by the electronic foils provides extremely fast & accurate beam control, enabling the manufacturers to maintain numerous melting points simultaneously. Furthermore, the electron laser heats the powder bed to optimal ambient temperatures specific to the material. Thus, the parts produced through the technology are free from residual stress.

The 3D printing in automotive has portrayed a rapid growth over the last decade as the companies operating in the market have attracted investments to capitalize and commercialize the technology. The players in the market are introducing various strategic initiatives to expand their market share and strengthen their product portfolio. For instance, 2018 EOS & SLM Solutions collaborated with Audi to incorporate 3D printing technology across its manufacturing facility. This collaboration is aimed at developing new product offerings to gain an advantage over its competitors.

Manufacturing is estimated to emerge as the most lucrative application of automotive 3D printing market. It is anticipated to grow at a CAGR of approximately 30% during the forecast timeline. The market is driven due to the superior properties and cost benefits offered by the 3D printing technology in the manufacturing process. It increases the manufacturing efficiency by eliminating the product assembly stage across the manufacturing cycle. The traditional manufacturing process is characterized by multiple production stages & interconnected storage of semi-finished products resulting in longer lead times. On the contrary, 3D printing manufacturing process is shorter & faster as multiple stages are combined into a single production step. This eliminates the need for intermediate material handling & intra logistics transport costs.

3D Printing in Automotive Market was estimated to be over USD 1.4 billion in 2017, and is set to be over USD 8 billion by 2024. The annual sales of over 110 thousand 3D printers. The market is anticipated to grow at a CAGR of more than 25% over the forecast timespan.

Growth Drivers:

• Abiltiy to develop more complex and higher quality products
• Cost effetive, fast custoization and faster time to market
• Supportive government initiatives
• Decline in the price of desktop printers

Make an inquiry for buying this report @ https://www.gminsights.com/inquiry-before-buying/2838

North America holds the major share in the 3D printing in automotive market. It held more than 40% share of the total revenue in 2017. The presence of major market players, such as Stratasys and 3D Systems, in the region is a primary factor supporting the market growth. The region has also witnessed higher R&D investments than other regions, which has further fostered the advancements in the 3D printing technology. Furthermore, supportive government initiatives will also foster the market growth. For instance, the U.S. government is constantly working with various private institutions and academic establishments to promote the use of additive manufacturing technologies in the region.

The Asia Pacific automotive 3D printing market is anticipated to achieve a growth rate of over 29% over the forecast timespan. The growth in the market is driven by the increasing investment by public & private establishments. The industrialized economies along with emerging nations in the region are exploring various opportunities for the advancement of the 3D printing technology in the automotive sector to strengthen the productivity & competitiveness. Countries including India and China have invested heavily to commercialize the technology in the automotive sector. China has been investing in the additive manufacturing technology for over a decade and the Chinese authorities have committed millions of dollars to a seven-year project aimed at advancing the technology in the vertical.

Browse key industry insights spread across 280 pages with 450 market data tables & 27 figures & charts from the report, “3D Printing in Automotive Market" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/3d-printing-in-automotive-market

The major companies operating in the automotive 3D printing market are Ponoko Ltd., Hoganus AB, Exone, Voxeljet AG, Arcam, Startasys, Autodesk, 3D systems, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group, Electro Optical Systems, Concept Laser, Renishaw Plc and HP Development Company.

Browse Related Reports:

Industrial Ethernet Market By Component, Protocol, Application and Forecasts, 2024

The players operating in the industrial Ethernet market offer complete solutions that include field level devices, communication protocols, and system integrations to enhance their customer base and profitability. Cisco, ABB, Rockwell Automation, Siemens, Schneider, Beckhoff Automation, ACS Motion Control, Advanced Motion Control, Honeywell International, Omron, Eaton, Innovasic, and Moxa.

https://www.gminsights.com/industry-analysis/industrial-ethernet-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

This release was published on openPR.